It is reported that the EU Court of Justice confirmed on March 29th 2011 decisions taken by the European Commission in 2006 to impose fines of EUR 10 million on ArcelorMittal Luxembourg and of EUR 3.17 million on ThyssenKrupp Nirosta for taking part in anticompetitive activities in the early 1990s which involved price fixing in the stainless steel market.

The court said “It would be contrary to the objectives and the coherence of EU law if the Brussels based commission didn’t have the power to ensure the rules from the old law, which continue to produce effects, are applied, even though that law has expired.”

Mr Yves Bot, an advocate general at the EU court, said in a non binding opinion last October that the court should overturn the fine because regulators took too long to make a decision to fine the unit.

The case revolved around whether the rules laid down in the now defunct European Coal and Steel Community Treaty are still applicable. The companies had argued that they are not, but the ECJ decided that the rules do still apply.

The European Commission, the 27 nation region’s antitrust regulator, was entitled to fine the unit for violations before the old rules expired in 2002, the EU Court of Justice in Luxembourg ruled today.

(Sourced from DJ and Bloomberg)